Jack Dorsey openly criticizes Twitter’s board, says “it’s consistently been the dysfunction of the company”
Twitter founder and former CEO Jack Dorsey criticized the company’s board of directors in a series of tweets on Sunday. The criticism came just two days after Twitter’s Board adopted a “poison pill” strategy to block Elon Musk from taking over the social media platform.
Responding to a tweet from another Twitter user describing the “plots and coups” that played out early on in the history of Twitter’s board, Dorsey replied, “it’s consistently been the dysfunction of the company.”
“If [sic] look into the history of [the] Twitter board, it’s intriguing as I was a witness on its early beginnings, mired in plots and coups, and particularly amongst Twitter’s founding members. I wish if [sic] it could be made into a Hollywood thriller one day,” one user tweeted.
Dorsey replied, “It’s consistently been the dysfunction of the company.”
it’s consistently been the dysfunction of the company
— jack⚡️ (@jack) April 17, 2022
“Are you allowed to say this?” another user tweeted.
“No,” Dorsey replied.
Dorsey’s comments were replies to a Saturday tweet by venture capitalist Garry Tan, who posted, “The wrong partner on your board can literally make a billion dollars in value evaporate.
“It is not the sole reason behind every startup failure, but it is the true story a surprising percentage of the time.”
Another user replied, “Good boards don’t create good companies, but a bad board will kill a company every time.”
“Big facts,” Dorsey replied.
Earlier, Dorsey responded to another tweet in the same thread. It quoted venture capitalist Fred Destin citing what he called a “Silicon Valley proverb”: “Good boards don’t create good companies, but a bad board will kill a company every time.”
Dorsey replied, “big facts.”
Meanwhile, the “poison pill” is a corporate term that gives Twitter’s existing shareholders time to purchase additional shares at a discount, thereby diluting Elon Musk’s ownership stake in the company.
In a public press release, Twitter’s board on Friday enacted a defensive measure meant to prevent Elon Musk’s $43 billion hostile takeover bid. The company adopted a limited duration shareholder rights plan, thereby enabling all shareholders to realize the full value of the company. The Rights Plan will expire on April 14, 2023.